Me and my student loan No comments yet

I am a student in my first year, 2nd semester and the only thing I hate about university is the money! I anticipated the expenses during college and got a job as a waiter/barman at a local hotel. I managed to save about a grand before I started university; I also applied for tuition and a maintenance loan. The maintenance loan was there to cover my rent, not to spend on general life and going out. I spent most of my savings before Christmas and the rest on gifts, and therefore I was left with no money. Also, my first instalment of loan was not sufficient for my rent, and therefore I had to get a cash loan to pay for the rest. It makes me sick inside to think that I’ve been at university almost a year and have already chalked up a debt of six grand, not to mention overdraft problems. I think that my debt problems are affecting my health.

So, in the short term, the loan is good as it covers your rent, or perhaps your living costs if you’re parents are helpful and pay your rent. However in the long term, after a three year course and a debt of almost £20000, it seems that the financial side creates a huge argument against studying at university. I would recommend without a doubt getting a job whilst at university, even a couple of days a week can fund all of your living and some of your rent, which is VERY useful. For most, university is not an option without a student loan, so almost all students have one, however expect to be paying them off for a very long time. This is why a job at the same time is definitely a necessity.